The 411 On Condos
Condos are their own animal in the real estate world. There is a whole different set of circumstances when you are buying or selling condos and it is important that you begin with all of the facts. To help you on your quest I have collected some articles from professional real estate agents that have some great knowledge about the subject.
If you are tired of barely making ends meet trying to pay your mortgage and working so hard you are never getting a break, then perhaps it is time for you to downsize to something smaller and cheaper. Condos can be a great way to downsize in such a way that you still own a home but you aren't struggling to pay the mortgage. This article by Dan Miller explains the downsizing process and how to go about making the move to a condo from a large house. In his article Making Space: Save Money By Downsizing he says "A smaller living space does not have to be seen as a limitation. On the contrary, it can open up many possibilities that you might not have considered in your larger home. You won't have to worry about mowing the lawn, shoveling the driveway, or cleaning the gutters, and you'll have the added security of neighbors living close by. Best of all, living in a condo can help you become more financially comfortable, allowing you to go traveling more often, spend more time with family, invest more in your property, and explore your hobbies."
Perhaps buying a condo is not the right thing for you or your family. Condos are not for everyone. To make sure that this is the right decision you will want to look at all other viable options. Perhaps it would be best for you to start renting a property or it may be best for you to buy a smaller home or move into a townhouse. Only you can decide what the right choice is for you and your family. Read this article by Debbie Drummond to better understand all of your options. In her article SHOULD YOU BUY A CONDO, TOWN HOME OR SMALLER HOUSE? she gives this tip "Once you've decided what type of home is right for you, it's time to start getting rid of things. You don't want to move everything to the new home just to have it clutter the place up until you can sort through it. Keep it simple. Start by getting rid of things that aren't worth donating. Donate or sell things that might still be useful to someone else. Only keep the things that will fit in the new home and that you still want."
Some ideas to consider to help in the decision-making process are outdoor maintenance, neighbors in the community, and the common amount of personal belongings you have. First of all the outdoor maintenance in condos is regulated by the complex so they do the landscaping and gardening. If you are an avid gardener who must have their hands in the dirt this may not be an option for you. Condo's tend to be tight-knit communities, so if you are one of those people that hates having neighbors too close then a condo may not work for you. Another thing to consider is your personal belongings...if you have a lot of stuff and you are moving into a condo then you are going to run out of space quickly. Read this article Is Condominium Living Right for You? by Karen Highland to get a better idea of whether or not your decision to move into a condo is the right one.
Perhaps you have never owned condos before. The first time buying a condo can be a bit of a culture shock. It is different than buying a single family residence in many ways, including the addition of an HOA in most cases. A condo is a set of units that are each individually owned with common areas that in which there is shared ownership and usage such as swimming pools, fitness centers, and tennis courts. If you are buying your first condo then Kyle Hiscock's article 10 Tips for Buying Your First Condo will give you some tips and tricks on what to look out for and how to navigate the process. His advice is "When buying a condo, it’s important you know that every condominium community is different. It’s crucial to know each community will have their own community rules, association fees, management company, and amenities. Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research!"
After you decide to buy a condo, and you have gotten some tips on how to go about buying a condo you are going to want to look at whether or not you can get the financing to buy a condo. This article by Inlanta Mortgage has a great outline of what you should look at if you are thinking of buying a home such as the amount of money you have saved, your credit score, do you intend to have the new condo be your primary residence, and have you had steady employment. This is all very important information when you are looking for a loan. Read Are You Ready to Purchase a Home This Fall? to get a good understanding about whether or not you are ready to look into buying condos. In their article, they make a point that is important "Buying a home is unlike most other types of lending. The credit score requirements, income levels and need to document income are much more detailed when compared to buying a car or getting a credit card. It takes time to establish a solid work history. It takes time to build up your credit score. It takes time to show that you have lived at one residence for at least 2 years."
Once you have a good idea of how much you can afford to spend on a condo you will want to consider what condos cost and what type of condo you would like to buy. One of the choices available is a high end condo as outlined in this article by Anita Clark. It outlines the idea that you may be able to afford to live in bliss in a luxury condo. The article titled Should Buyers Purchase a Luxury Home or High End Condo shows just one of the options available to those looking to buy a condo. Whether or not luxury condos are in your price range should not dictate whether or not you buy a condo. There are more humble condos available that are pretty amazing without the large price tag. Anita highlights that "High end condos can get just as expensive as nice homes, which may not make sense at first glance. However, although you may be sacrificing square-footage with a condo, there are several benefits to going this route, that may be beneficial to your lifestyle. Whether you decide to purchase a luxury home or high end condo, following these pros and cons will help you make the most informed decision possible and aid your move into your dream property."
Perhaps you already own a condo and you are considering selling it. Depending on where you are located this could be very beneficial to you. In our marketplace there are very few condos so when a homeowner decides to sell there is a high demand. To make sure that you are getting a competitive price for your condo you will want to make sure that you have set yourself up to succeed. This article Tips For Selling A Condo by Bill Gassett helps to outline the best method for selling a condo. He warns that "Every condo association has a set of rules and guidelines – things you can and cannot do with your unit. This is something you are probably aware of by now, but you should know that it usually applies to your sale as well. The association may place limits on who you can and cannot sell to. You may also have to get the buyer pre-approved by the association."